Videocon Industries has received an approval for filing an application with Reserve Bank of India (RBI) for opening a bank, in terms of the Guidelines dated February 22, 2013, and to complete the formalities in connection therewith. The board of director has approved for the same.
Videocon Industries, established two decades ago, is a global conglomerate with market capitalization of $2.5 billion. Videocon’s businesses’ consists of manufacturing, marketing and distribution of consumer electronics products and oil & gas extraction.